Ronny....here's a start
In connection with the private placement of Short Term Convertible
Notes of the Company in May 1994 (the 'Notes') Messrs. David A.
Burns, Michael W. Burns and Jeffrey S. Burns, sons of William Burns,
loaned the Company an aggregate amount of $251,250 and Mr. Campagna
loaned the Company $112,500. The Notes bore interest at a rate of 11%,
and as additional inducement for the lenders to advance the loans, the
Company issued warrants to the lenders to purchase shares of Common
Stock. Mr. Campagna waived all payment of interest on his Notes and
received warrants to purchase 15,000 shares of Common Stock at a per
share exercise price of $2.50. David, Michael and Jeffrey Burns were
issued warrants to purchase an aggregate of 33,500 shares of Common
Stock at a per share exercise price of $3.75. The Notes issued to the
Burns were repaid in full on November 3, 1994 with interest, and the
Note issued to Mr. Campagna was repaid in full on October 7, 1994.
Although, under the terms of the Notes, the holders had the right to
demand a late charge of 5% of the amount due, neither the Burns nor Mr.
Campagna made such a demand
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